Shell has openly admitted that our oil production has peaked and will continue to go down by a few percent each year. You can do the math and figure out what this means for employees. If layoffs were an issue so far, imagine how bad things are about to get. We'll have at least one round of cuts each year. At least. Basically, we're screwed.
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Look some may find a path in the renewable sector - certainly has too pay less. Bonus and salary freeze is the first warning sign. I can guarantee, that between the majors in Europe, you don't need the 200,000 employees you have now - it won't be profitable in the new low margin and low barrier to entry business. No one can say if any of these majors actually make a go of the transition? The key is spend so little on the current oil and gas business (produce with little opex and capex) , so fewer people while trying to find the best renewable investments..... No room for everyone to succeed.
Similar to BP, you have to see a reduction in people to remotely hit any EPS targets as investments in renewables have moderate returns and hard to replace the scale of energy output oil has! Look can BP, Shell and Total all replace their profits by transition? No, BP cut dividend and is selling everything is sight. Only execs will survive the transition, so a success. So why are they doing it, well as BP said we don't want to wait to be legislated out of business.... If renewables were so profitable then why does BP not sell everything now. They did reply to me, not so simple we need massive buildout of infrastructure and this will take time.
Now these companies hope the government subsidies will keep them profitable?
I think this is further confirmation of a growing sentiment among young professionals in this line of work, which is “who wants to start a career in a declining industry?”
I sure don’t. And, you will never catch me burying my head in the sand and denying the fact that, while still early on, we are in a transition away from fossil fuels. Some comments in this thread demonstrate folk’s willful ignorance to this fact.
This isnt a Shell thing. The world is using less oil. There will still be many years of work left in the oil industry but there will be fewer oil companies to work for.
Responding to earlier post regarding all is doomed: you are right nothing is going to change tomorrow and things will happen slowly. But the biggest thing is that employees have less opportunities, work is less fun, more negative environment, eventually less positions, can't have a full career etc etc. Some of us want more than to just collect a check, and for us the party is about to stop. For people close to retirement good for you, more opportunity for a golden parachute.
Everyone needs to stop driving, turn off all of your lights and bathe outside from your hose. Grow your own food. Yes, we are all screwed. We will all be transitioning to this new reality tomorrow. Be very worried. The end of human progression starts tomorrow. Be afraid. Be very afraid.
Maybe we should start producing things that people want to buy
So are you going to sink with the ship or do something about it?